President Obama has told us, at least eight times, to look at the wonders of Spain’s “green jobs” and green-energy economy. But when Standard & Poor’s cut their credit rating on April 28, Spain’s socialist government began to recognize that, just as Gabriel Calzada warned, their wind and solar programs were a big waste of money. You can’t keep spending $750,000 per “green job” when you are going broke.

The media has been covering the government’s admission of the collapse and spectacular costs of Spain’s solar industry. The country’s unemployment rate has already passed 20 percent, the public deficit will soon reach 12 percent, and the example of the financial meltdown of Greece is frightening everyone. The current situation of the renewable sector is a big threat. Last year the cost of aid to the renewable sector was higher than the total cost for all electricity for the country.

Reductions in subsidies for solar plants has caused big photovoltaic plant owners to shelve their Spanish stock offerings. Investors are scared off. The following quote tells you what you need to know about Spain’s “green’ energy:

Solar-plant owners including General Electric Co. earn about 12 times what’s paid for power from fossil fuels. Most of that is a subsidy charged to customers. The rest is charged to taxpayers.

You would think that $750,000 per green job would make the red lights start flashing, but when you are swept up in an ideological fantasy, it apparently takes a louder wake-up call. The debacle of Greece is shaking up the European Union.